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Crypto Corner Podcast 532: Stocks discussed: (TSX: BTCC-B) (TSX: BTCC-U) (TSX: EBIT) (TSX: EBIT-U) (CSE: GBLC)

Bitcoin Hits $53K, First Bitcoin ETF Sees $165M Trade Volume in First Day, Second Bitcoin ETF Launches, and Graph Blockchain Completes Babbage Mining Acquisition

 

Point Roberts, WA and Delta, BC - February 19, 2021 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving cryptocurrency stocks and the crypto market.

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https://www.investorideas.com/Audio/Podcasts/2021/021921-CryptoMarket.mp3

Crypto Corner Podcast 532: Stocks discussed: (TSX: BTCC-B) (TSX: BTCC-U) (TSX: EBIT) (TSX: EBIT-U) (CSE: GBLC)

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Stocks discussed: (TSX:BTCC-B) (TSX:BTCC-U) (TSX:EBIT) (TSX:EBIT-U) (CSE:GBLC)

As we enter the weekend Bitcoin (BTC) has continued its upward momentum, registering yet another new all-time high trading price of $53,155 earlier this morning, according to data from CoinMarketCap. At press time, Bitcoin is trading for just below $53K, and has a total market cap of about $989 billion.

Yesterday saw the launch of the world's first Bitcoin ETF from Purpose Investments Inc., trading as Purpose Bitcoin ETF in Canadian dollar denominated ETF non-currency hedged units (TSX:BTCC-B) and U.S. dollar denominated ETF non-currency hedged units (TSX:BTCC-U). According to the press release, the ETF invests "directly in physically settled Bitcoin," and is "backed directly by physically settled Bitcoin holdings." CoinDesk reports that, since launching, "about $165 million worth of shares of the newly minted ETF changed investor hands in less than a day."

A second Bitcoin ETF, also Canadian, from Evolve Funds Group Inc. launched today on the Toronto Stock Exchange as (TSX:EBIT) (CAD) (TSX:EBIT-U) (USD). Raj Lala, President and CEO at Evolve, commented:

"The recent institutional adoption has helped further legitimize the progress of bitcoin. Being able to offer an ETF which holds physical bitcoin is a real game changer in Canada. Now investors may participate in bitcoin via their brokerage accounts within their RRSP and TFSA. Bitcoin has proven to be a store of value that is uncorrelated to other major asset classes - and has now emerged as an asset class itself."

Graph Blockchain Inc. (CSE:GBLC) has completed the acquisition of altcoin-focussed Babbage Mining Corp. Graph Blockchain CEO, Andrew Ryu, said:

"The acquisition of Babbage will help position Graph in the evolving and rapidly expanding cryptocurrency space. According to website Coindesk.com, Bitcoin as a cryptocurrency has a market cap of CDN $1.17 trillion, has increased from a price of around $437 in February 2016 to over $49,400 today, a 11,746% increase. Graph now has a platform in Altcoin for employing blockchain transactions through crypto mining, related payments on blockchain, and a variety of subsequent support services. We look forward to growing Graph organically and through other viable acquisitions in the crypto space."

Sam Mowers, Investorideas

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